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El Salvador is preparing to introduce 20 bills to establish a legal framework for its upcoming Bitcoin bond. The Salvadoran government explained that the funds raised are used to build infrastructure for Bitcoin towns and obtain large amounts of Bitcoin.
El Salvador drafts a legal framework for Bitcoin bonds
Salvadoran Minister Alejandro Zelaya (Alejandro Zelaya) confirmed in an interview with a local television station on Tuesday that his government can send 20 bills to Congress on the country’s bitcoin bonds.
He explained that these bills can curb the money market and securities investment, and lay a legal foundation for the issuance of Bitcoin bonds, adding that legislation can
Develop a framework to hide the corresponding market regulation and the supply of encrypted asset securities. Minister’s description:
(This is) provide legal structure and legal certainty for everyone who buys Bitcoin bonds.
The Salvadoran government explained that half of the funds raised from Bitcoin bonds are used to build infrastructure, and the rest is used to buy Bitcoin.
Central American President Nayib Bukele announced in November that he will try to issue a $1 billion Bitcoin bond with a coupon rate of 6.5% to fund the development of the Bitcoin town. The city is powered by a volcano, and there will be no taxes other than value added tax (VAT), Bukele said further.
It is planned to supply Bitcoin bonds this year. Bukele expects it to be sold. He also pointed out that the development of Bitcoin Town is expected to start this year.
El Salvador passed a Bitcoin law in September last year, creating the BTC currency system on the U.S. dollar. Since then, the country has purchased 1,391 bitcoins.
Post El Salvador drafted 20 bills on the legal structure of Bitcoin bonds-funds are used to establish Bitcoin City and buy BTC First appeared in Bitcoin wire.
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